The Health, Employment, Labor, and Pensions Subcommittee of the House Education and Labor Committee held a hearing on Wednesday, April 22 on legislation that will provide American workers with clear and complete information about Wall Street fees taken from their 401(k)-style accounts.

The 401(k) Fair Disclosure for Retirement Security Act of 2009 will help workers shop around for the best retirement options by requiring simple fee disclosure on the investment options contained in their employer’s 401(k) plan. Current law does not require all fees workers pay to be disclosed; and even for information that is available, it can be difficult for workers to find and evaluate.

The bill was introduced on Tuesday, April 21, 2009 by Rep. George Miller (D-CA), chairman of the full committee, and Rep. Rob Andrews (D-NJ), chairman of the subcommittee.

Hidden 401(k) fees were the subject of Sunday’s 60 Minutes and featured an interview with Rep. Miller. To watch the segment, click here.

The Health, Employment, Labor and Pensions Subcommittee of the House Education and Labor Committee will hold a hearing on the importance of ensuring that if workers receive investment advice, that it be independent and free of financial conflicts of interest.

In the last days of the Bush administration, the Department of Labor proposed to allow financial services firms to offer potentially conflicted investment advice on workers’ retirement accounts. For more information on this proposal, click here.

The Obama administration has slowed the consideration of this midnight rule.

In light of the current financial crisis, on Tuesday, February 24, the House Education and Labor Committee will begin a series of hearings to explore the shortcomings of our nation’s retirement system and look at solutions to ensure that Americans can enjoy a safe and secure retirement after a lifetime of hard work.

The first hearing will examine how the current economic crisis has highlighted existing weaknesses in the 401(k) retirement savings system.  As a result of economic conditions, older workers are putting off retirement plans, retirees are thinking about going back to work, current workers are reducing 401(k) contributions, and more are borrowing from their retirement savings to pay for basic necessities.

This hearing, held in San Francisco, CA, further examined how the current financial crisis is impacting pension funds and workers’ directed retirement accounts, such as 401(k) plans.

This hearing examined how the current financial crisis is impacting pension funds and workers’ directed retirement accounts, such as 401(k) plans. According to a recent poll by the Associated Press, more than half of all Americans are worried that the ongoing financial crisis will force them to postpone retirement.

This hearing explored options to safeguard promised retiree health benefits. With insurance premiums skyrocketing and companies looking to cut expenses, an increasing number of companies have been rolling back or eliminating promised retiree health benefits.